Overview
- SpaceX, which sped up its IPO plans Friday, now aims to price on June 11 and begin trading June 12 on Nasdaq under the ticker SPCX, with a public prospectus expected next week and a June 4 roadshow.
- The company executed a 5-for-1 stock split, notifying shareholders that the fair value per share fell to about $105 from $526 to set a lower trading price.
- The deal is expected to raise roughly $75 billion at a valuation near $1.75 trillion, with Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs as lead bookrunners.
- Investor positioning is building as Elon Musk said he will not sell his shares, and The Information reported BlackRock has discussed a $5 billion to $10 billion commitment.
- Major U.S. pension funds object to a governance plan that gives Musk outsized control through super-voting stock and tighter limits on shareholder actions, while market voices warn a small float plus rapid index inclusion could trigger sharp swings and pull cash from other stocks.